When To Use A Codicil Or Create A New Will
Many people draft a will, store it in a secure place, and do not think about it again for many years. If you followed this common practice and have now realized that your will needs updating, you may choose to create a codicil, or draft an entire new will. So, which one is best for your situation? As with most legal questions, the answer is that it depends.
When Should You Use a Codicil?
A codicil can modify or supplement an existing will. Like your will, a codicil is a legal document, but it does not entirely replace a will that was drafted earlier. A codicil is essentially an ‘add-on’ to your existing will that can make it easier to update or amend a will that is out of date. There is a chance that if you create an entirely new will, it will invalidate the earlier version, which may not align with your intentions. In most cases, codicils are only used to make small changes to a will. These may include:
- Removing a beneficiary or personal representative who has predeceased you,
- Adding a new in-law or grandchild to the list of beneficiaries,
- Updating your address after a move,
- Accounting for replacement property that were bought after the will was drafted, and
- Correct omissions or errors contained in the original will.
Due to the fact that a codicil will only involve minor changes, they are less expensive and not as complicated as writing an entirely new will. Still, there are times when it may be more advisable to create a new will rather than use a codicil.
When Should You Write a New Will?
Again, voiding your old will and creating a new one has certain benefits in many situations. For example, if you divorced and then remarried, you likely want to change your will to reflect your new spouse instead of your former one. Under state law in Florida, if you divorce and your former spouse is named in your estate plan, the probate courts will treat the situation as though they passed away before you. Still, creating an entirely new will ensures that your former spouse will not have any interest in your estate.
There are other times when creating a new will is also the best choice and they include if you wish to:
- Disinherit a natural heir or remove a beneficiary,
- Create or make changes to a trust associated with your will,
- Make many changes at the same time,
- Prevent a family member from contesting the will, or
- Want to keep changes from beneficiaries.
Our Wills and Trusts Lawyer in Daytona Beach Can Advise On Your Case
Whether you need to draft a codicil or create an entirely new will, you need legal advice. At Bundza & Rodriguez, our Daytona Beach wills and trusts lawyer can provide it so your wishes are clear and will be fulfilled. Call us today at 386-252-5170 or contact us online to schedule a meeting with our attorney and to get more of the information you need.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html
